Lorenzo’s Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for September: Units 12" Pizza 16" Pizza Budgeted production volume 12,600 24,700 Three direct materials are used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: 12" Pizza 16" Pizza Direct materials: Dough 0.80 lb. per unit 1.50 lb. per unit Tomato 0.50 0.70 Cheese 0.70 1.30 In addition, Lorenzo’s has determined the following information about each material: Dough Tomato Cheese Estimated inventory, September 1 610 lb. 230 lb. 280 lb. Desired inventory, September 30 640 lb. 220 lb. 310 lb. Price per pound $1.40 $2.10 $3.30 Prepare September's direct materials purchases budget for Lorenzo’s Frozen Pizza Inc. When required, enter unit prices to the nearest cent. Lorenzo’s Frozen Pizza Inc.Direct Materials Purchases BudgetFor the Month Ending September 30 Dough Tomato Cheese Total Units required for production: 12" pizza fill in the blank 1 fill in the blank 2 fill in the blank 3 16" pizza fill in the blank 4 fill in the blank 5 fill in the blank 6 - Select - - Select - - Select - Total pounds required fill in the blank 11 fill in the blank 12 fill in the blank 13 - Select - - Select - - Select - Total pounds to be purchased fill in the blank 18 fill in the blank 19 fill in the blank 20 Unit price (per pound) x $fill in the blank 21 x $fill in the blank 22 x $fill in the blank 23 Total direct materials to be purchased $fill in the blank 24 $fill in the blank 25 $fill in the blank 26 $fill in the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Lorenzo’s Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for September:

	Units
	12" Pizza	16" Pizza
Budgeted production volume	12,600		24,700

Three direct materials are used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows:

	12" Pizza	16" Pizza
Direct materials:
	Dough	0.80	lb. per unit	1.50	lb. per unit
	Tomato	0.50		0.70
	Cheese	0.70		1.30

In addition, Lorenzo’s has determined the following information about each material:

	Dough	Tomato	Cheese
Estimated inventory, September 1	610	lb.	230	lb.	280	lb.
Desired inventory, September 30	640	lb.	220	lb.	310	lb.
Price per pound	$1.40		$2.10		$3.30

Prepare September's direct materials purchases budget for Lorenzo’s Frozen Pizza Inc. When required, enter unit prices to the nearest cent.

Lorenzo’s Frozen Pizza Inc.Direct Materials Purchases BudgetFor the Month Ending September 30

	Dough	Tomato	Cheese	Total
Units required for production:
12" pizza	fill in the blank 1	fill in the blank 2	fill in the blank 3
16" pizza	fill in the blank 4	fill in the blank 5	fill in the blank 6
	- Select -	- Select -	- Select -
Total pounds required	fill in the blank 11	fill in the blank 12	fill in the blank 13
	- Select -	- Select -	- Select -
Total pounds to be purchased	fill in the blank 18	fill in the blank 19	fill in the blank 20
Unit price (per pound)	x $fill in the blank 21	x $fill in the blank 22	x $fill in the blank 23
Total direct materials to be purchased	$fill in the blank 24	$fill in the blank 25	$fill in the blank 26	$fill in the blank 27

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